Summit Partners Public Asset Management LLC Sells 312,970 Shares of Primoris Services Co. (NASDAQ:PRIM)

Summit Partners Public Asset Management LLC lowered its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 37.3% during the 4th quarter, HoldingsChannel reports. The fund owned 526,883 shares of the construction company’s stock after selling 312,970 shares during the period. Primoris Services accounts for approximately 0.8% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 20th biggest holding. Summit Partners Public Asset Management LLC’s holdings in Primoris Services were worth $40,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. USA Financial Formulas bought a new stake in Primoris Services during the fourth quarter worth about $27,000. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. boosted its stake in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares in the last quarter. Covestor Ltd boosted its stake in Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after acquiring an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in Primoris Services during the fourth quarter worth about $97,000. Institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at $501,636. The trade was a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 over the last three months. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 0.0%

Shares of Primoris Services stock opened at $75.52 on Friday. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 25.01 and a beta of 1.33. The company’s 50 day moving average is $61.92 and its 200 day moving average is $71.87. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the company earned $0.47 earnings per share. The firm’s revenue was up 16.7% on a year-over-year basis. Research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Wall Street Analyst Weigh In

Several research firms recently commented on PRIM. Piper Sandler boosted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. KeyCorp upped their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. DA Davidson reiterated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $85.75.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.